Crude oil prices climbed for a fourth consecutive trading session on Thursday, July 16, 2026, as renewed military tensions between the United States and Iran increased concerns over global oil supplies, as per news reports.
Investors remained focused on the possibility of prolonged disruptions to key energy shipping routes in the Middle East.
Brent crude futures rose 33 cents, or 0.4%, to US$85.28 per barrel, while US West Texas Intermediate (WTI) crude gained 42 cents, or 0.5%, to US$80.02 per barrel. Both benchmarks remained close to their one-month highs after posting gains in the previous session.
Market sentiment strengthened after the United States carried out strikes on Iranian coastal defence and missile sites following the reimposition of a naval blockade on Iranian ports.
In response, Iran warned it could restrict regional energy exports, describing the conflict as an "existential war" with the United States.
The renewed hostilities have raised concerns over potential supply disruptions through the Strait of Hormuz, one of the world's most important energy transit routes, which previously handled around one-fifth of global oil and liquefied natural gas trade.
Analysts noted that although diplomatic efforts by neighbouring countries continue, the risk of further escalation remains. Market participants are also monitoring reports that Iran could use its Houthi allies in Yemen to threaten the Bab el-Mandeb Strait, another critical shipping route for global energy supplies.
According to market strategists, crude oil prices could continue rising if geopolitical tensions intensify, while easing hostilities may lead to a correction in prices later this year.
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Supporting the market, the US Energy Information Administration reported that crude oil inventories declined by 1.7 million barrels during the week ended 10 July. However, the draw was smaller than analysts' expectations of a 2.6 million-barrel decline, indicating that supply-demand conditions remain balanced despite geopolitical risks.
Crude oil prices are likely to remain volatile as investors closely monitor developments in the US-Iran conflict and their potential impact on global energy supplies. Any further escalation around the Strait of Hormuz or other strategic shipping routes could continue to support higher oil prices.
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Published on: Jul 16, 2026, 8:06 AM IST
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